The Bangko Sentral ng Pilipinas (BSP) has approved the regulatory reporting standards for operators of payment system (OPS) for a more “relevant, complete, accurate, and timely” reports.
BSP Governor and Monetary Board Chair, Benjamin E. Diokno, signed the new regulation, Circular No. 1138, last Tuesday, March 1.
Diokno in the circular memo said that BSP is determined to have “appropriate oversight tools, approaches, and interventions” and will adopt the new OPS reporting framework for a more effective oversight of the country’s crucial national payment system.
“Reports submitted to the Bangko Sentral (BSP) must be accurate, complete, and timely to be considered compliant with the Bangko Sentral reporting standards,” said Diokno.
To comply with BSP’s OPS reporting standards, an OPS must have the following functionalities under both business-as-usual and stressed conditions: generates accurate, complete and reliable information; aggregates all material data across various business lines, entities, services, instruments and other groupings that are relevant to regulatory reporting; and produces in a timely manner, regular, on-demand, and ad hoc reports particularly those required by the BSP and other regulatory bodies.
The BSP describes stressed conditions as “emergency conditions” for an OPS which will include a crisis, national or public health emergencies, weather-related events, or sudden closures of markets and/or clearing agencies.
The BSP said it will conduct an assessment of the quality of the reporting system of an OPS to “ascertain the accuracy and integrity, as well as the completeness and timeliness of their regulatory reports.”
As part of reporting governance, the board of directors and senior management are responsible for an effective reporting system and that they will establish regulatory reporting procedures as per the proposed BSP reporting standards for OPS.
By BSP’s definition, an OPS is a person that performs any of the following functions: maintains the platform that enables payments or fund transfers, regardless of whether the source and destination accounts are maintained with the same or different institutions; operates the system or network that enables payments or fund transfers to be made through the use of a payment instrument; and provides a system that processes payments on behalf of any person or the government.
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